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Paris council approves private resale of tax-foreclosed Westgate Apartments for $75,000
Summary
The Paris City Council voted unanimously to approve the private resale of the tax-foreclosed Westgate Apartments to Rain Financial Services Inc. for $75,000, while council members pressed staff for assurances the buyer will rehabilitate — not strip or abandon — the property.
Tracy Pounders, the city's delinquent-tax collection attorney, told the Paris City Council that the Westgate Apartments (about an eight-acre tract) had been struck off to the city after no bidder met the $170,500 minimum. Pounders said the property has ‘‘fallen into disrepair’’ and that Rain Financial Services Inc. submitted an offer of $75,000 with $15,000 in escrow to show seriousness.
Pounders, identified in the meeting as the city's delinquent-tax collection lawyer, said the property was appraised at roughly $486,000 but had sustained…
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